农村正规金融创新对关联信贷市场供给和风险的影响——以农产品仓单融资为例  

The Impacts of Rural Formal Financial Innovation on the Supply and Risks of Interacted Credit Markets:An Example of Warehouse Receipt Financing ofAgricultural Products

作　　者：彭澎 张龙耀 PENG Peng;ZHANG Longyao

机构地区：[1]南京农业大学金融学院 [2]江苏农村金融发展研究中心

出　　处：《中国农村经济》2021年第11期72-88,共17页Chinese Rural Economy

基　　金：国家自然科学基金青年科学基金项目“风险与时间偏好异质性粮食规模户的市场风险管理策略优化研究”(编号:71803083);中国博士后科学基金面上项目“时间和风险偏好异质性种粮大户的市场风险规避行为研究”(编号:2018M632322);国家自然科学基金面上项目“中国农村数字金融的发展机制和效应:基于实验经济的研究”(编号:71973064)。

摘　　要：本文拟在市场关联的视角下,从微观层面评估来自正规信贷市场的农村金融创新对其他信贷市场的供给和风险的影响。具体而言,本文以一种典型的农村金融创新——农产品仓单融资为例,使用国内最大小额贷款公司中和农信2251个农户2014-2016年的面板数据,利用双重差分和三重差分模型实证分析了该金融创新对小额贷款市场的影响。结果表明:正规信贷市场中农产品仓单融资的出现,不仅增加了正规信贷供给,也显著降低了农户对高利率小额贷款的依赖。同时,农产品仓单融资的出现能够通过风险分担和稳定农产品价格的机制来降低小额贷款客户的违约率,使得小额贷款市场的违约风险下降。进一步地,上述影响是具有异质性的,农产品仓单融资的出现更有可能影响小额贷款市场对经营规模较大农户的贷款供给。This article intends to evaluate the impacts of rural financial innovation from the formal credit market on the supply and risks of other credit markets from the perspective of market interaction.Specifically,taking a typical rural financial innovation,namely,agricultural products warehouse receipt financing as an example,the study uses the panel data of 2251 farmers of the largest domestic microfinance institution CFPA from 2014 to 2016,and empirically analyzes the impacts of this financial innovation on the microfinance market by using difference-in-differences and difference-in-difference-in-difference models.The results show that the emergence of agricultural products warehouse receipt financing in the formal credit market not only increases the supply of formal credit,but also significantly reduces farmers’ dependence on high-interest microcredit.Meanwhile,the emergence of agricultural products warehouse receipt financing can reduce the default rate of microfinance customers through the mechanism of risk sharing and stabilizing agricultural product prices,so as to reduce the default risk of microfinance market.Furthermore,the above-mentioned effects are heterogeneous.The emergence of agricultural warehouse receipt financing is more likely to affect theloan supply of microfinance marketto farmers with largeoperation scale.

关 键 词：市场关联 农村金融创新 农产品仓单融资 小额贷款 违约风险 

分 类 号：F832.1[经济管理—金融学]